First Data and Advanta renew credit card processning services agreement
Electronic commerce and payments leader First Data (NYSE: FDC) today announced that Advanta (NASDAQ: ADVNB; NASDAQ: ADVNA), through its wholly owned subsidiary Advanta Bank, has renewed its agreement with the company for small business credit card processing services.
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Under the terms of the long-term contract extension, First Data will continue to provide comprehensive card processing services, including transaction processing, statement production and mailing, plastics personalization and fraud services for over 1 million Advanta customers.
"We have enjoyed a long and successful relationship with First Data and are pleased with this extension," said Advanta Chairman and CEO Dennis Alter.
"We're very pleased to renew our service agreement with Advanta, a valuable, long-term customer and leading issuer of MasterCard small business credit cards," said Susan Henricks, president, First Data Resources. "We continue to invest in our platform in order to provide our clients with the tools they need to retain customers and grow revenue and are rewarded with renewals such as this one."
Advanta has been a First Data client since 1996. Financial terms of the long-term renewal were not disclosed.